Making a Budget

Identify income, expenditures, and saving.

Warm-up, learn, try it together, practice, then a quick check. About 15 minutes.

What children learn in Level 77

Now for something you can use yourself. Sharecroppers had no say in the books kept about their money. A budget puts you in charge of your own. A budget is a plan for using money.
Every budget has three parts. Income is the money coming in, like an allowance or chore money. Here's a made-up kid, Maya, with 20 dollars of income.
Expenditures are the money going out. Maya plans to spend 8 dollars on a book and 4 dollars on a snack. That's 12 dollars of expenditures.
Saving is the money kept for later. Maya takes the 20 dollars of income, subtracts the 12 dollars of expenditures, and has 8 dollars left to save.
A budget balances when the parts add up. Expenditures plus saving equal income. If the numbers don't match, some money has gone missing from the plan, or the plan spends more than comes in.

Georgia Standards of Excellence in Social Studies:

SS4E2 — Identify the elements of a personal budget (income, expenditures, and saving) and explain why personal spending and saving decisions are important.